Gold (XAUUSD) Resumes Its Uptrend Direction

Market Analysis – March 23

Gold experienced resistance from the bearish trendline from March to November of the previous year. The Buyers recovered just before the year ended. The rise in the value of Gold faced stiff resistance at the 1957.0 resistance level. The Bulls have broken the resistance and are set to soar.

Gold Significant Levels

Demand Levels: 1811.0, 1697.0, 1627.9
Supply Levels: 1957.0, 2051.0, 2100.0
XAUUSD suffered from a continuous price decline last year. The Stochastic showed the market was overbought in April. After the Change of Character (ChoCh) experienced in April, the market dived to the support level of 1811.0. The support level was too weak to prevent a price decline. After multiple tests of the support level, the Bears bridged the support level and dived to 1697.0. Once again the Bulls could sustain an ascent against the persistence of the sellers. A bearish break of structure (BOS) played out successfully in September.

A triple-bottom bullish reversal pattern formed between September and November. The contest was eventually won by the Bulls after a failed attempt to soar in October. The bearish trendline was invalidated. The upthrust of the Bulls did not give room for a retest of the bearish trendline. The market rose to 1957.0 in February.

Gold Short-Term Trend: Bearish

Stiff resistance was experienced at the 1957.0 supply level. The market retraced to the 1811.0 demand level afterward. Buyers’ support at the demand level has resulted in a break of the 1957.0 resistance level. The market is set to ascend to 2051.0

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